This smartphone runs Android 4.2 Jelly Bean on a quad-core 1.2GHz CPU with 1GB RAM, an unknown amount of internal storage, and a microSD card slot. I can find a mention of a single 5MP camera, and in terms of connectivity the Beam 2 supports Wifi, BT, Glonass, and 3G. The Beam 2 also sports a relatively low resolution 4.66" screen (480 x 800). According to the product listing, this matches the resolution of the projector.
In short, Samsung took a budget smartphone and added a cheap projector.
That's a strange device, isn't it? Given the unimpressive specs, I wouldn't expect there to be much of a market for this smartphone, but I'm probably wrong. This is in fact Samsung's second projector equipped smartphone; the first Beam was launched in 2010.
Engadget was not impressed by that phone when they got their hands on it in 2012, but I bet that consumers had a different opinion. Samsung had to have sold enough to make the second model a good investment.